My friend who does quant stuff sent me a screenshot last night.
He said that lately some old DeFi coins have started to feel like they’re “coming back from the dead.” Names like
$EUL —something that usually hardly anyone brings up—suddenly got pulled along by this same storyline and started getting noticed too.
I checked on my phone this morning on the subway:
$EUL spot is still at $1.5380, up 10.568% over the past 24 hours, with a high that touched $1.78.
What does this kind of move look like?
It’s like in the sector, someone first turns on the lights, and even the names that weren’t “called” are casually tapped by people who notice.
For
$EUL to squeeze into the leaderboard today, it doesn’t seem like it’s just about a single pin. It’s more like the funds are bouncing around looking for leverage within the old DeFi narrative.
Spot 24-hour traded volume is $22.14M, which doesn’t look too outrageous.
What’s scary is that on the derivatives side it directly hit $81.90M—3.7 times the spot.
This suggests the newcomers aren’t just slowly buying spot; more of them are racing the momentum on contracts.
But the funding rate is still -0.0243%, and that detail is pretty interesting.
Prices are rising, yet the funding rate is still negative—meaning the shorts haven’t fully loosened their grip, or someone is pushing down while it climbs, betting it won’t run far.
Also look at open interest: 5,461,533 coins of
$EUL are still sitting on the book.
People haven’t dispersed, and orders haven’t been cleaned up. This kind of market is the easiest for them to keep whipping it back and forth.
At first I didn’t really get it either. I remember the last time I ran into this kind of old coin—I chased in and got washed out the same day.
This time, though, I don’t want to force myself into a hard entry at a spot like this.
If you ask me what I’d do, I’d watch two things.
One is whether the funding rate can flip back to positive.
The other is whether
$EUL can test new highs again without being rapidly knocked back below $1.5.
As long as neither plays out, I’d rather just watch it perform.
If you lose, don’t cue me. If you profit, treat me to a cup of coffee.
$EUL #DeFi #BinanceSquare